Exhibit 99
IDACORP
February 14, 2008
FOR IMMEDIATE RELEASE
Lawrence F. Spencer, Director of Investor Relations
Phone: (208) 388-2664
lspencer@idahopower.com
IDACORP Announces Year-End and Fourth Quarter 2007 Results
BOISE - - IDACORP, Inc. (NYSE:IDA) reported 2007 net income of $82.3 million, or $1.86 per share, compared to $107.4 million, or $2.51 per share in 2006.
Fourth quarter net income totaled $10.3 million or 23 cents per share, versus $18.1 million, or 42 cents per share in 2006.
"Poor hydroelectric generating conditions in 2007 hampered financial performance relative to last year," said J. LaMont Keen, IDACORP's president and chief executive officer. Hydroelectric generation was only 6.2 million megawatt-hours in 2007 versus 9.2 million megawatt-hours in 2006.
This resulted in reduced wholesale energy sales, higher fuel expenses and increased purchased power costs. Thermal plant maintenance expenses and third party transmission costs also increased as the Company relied heavily on its thermal facilities and imported energy to meet retail customer demands.
New customers and record summer heat increased retail sales and revenues. Costs also were higher as the Company added new facilities, services and employees to meet the growing customer demands.
"We start 2008 with a much improved snow pack compared to last year providing the potential for better operating conditions," Keen stated. "Regulatory initiatives launched last year should contribute to increased revenues from retail operations in 2008. Our regulatory plans this year include additional initiatives designed to speed recovery of the financial and operating costs of new facilities and system improvements.
"Last year, we assessed the changes in the energy industry landscape and aligned our strategy and critical success factors accordingly," Keen said. "We demonstrated flexibility in shifting from coal to natural gas for our next base load generation resources. In 2008, we continue to invest in, build and improve our system to meet the growing energy needs of our customers."
Analysis of Earnings per Diluted Share
The following table summarizes diluted earnings (losses) per share from
each business:
Earnings (Losses) From: | Three Months Ended |
| Twelve Months Ended | |||||||
| 12/31/07 | 12/31/06 | 12/31/07 | 12/31/06 |
| |||||
Continuing Operations | ||||||||||
Idaho Power | $ 0.29 | $ 0.39 | $ 1.73 | $ 2.19 | ||||||
IDACORP Financial Services | 0.04 | 0.07 | 0.16 | 0.22 | ||||||
Ida-West Energy | 0.00 | 0.00 | 0.05 | 0.06 | ||||||
Holding Company | (0.10) | (0.04) | (0.08) | (0.13) | ||||||
Discontinued Operations | - | - | - | 0.17 | ||||||
|
|
|
| |||||||
Earnings Per Diluted Share | $ 0.23 |
| $ 0.42 |
| $ 1.86 |
| $ 2.51 | |||
2007 Performance Summary
A summary of IDACORP's net income and earnings per diluted share for the last two years is as follows:
2007 |
| 2006 | ||||
|
|
|
|
| ||
Net income ($000's) | $ | 82,339 | $ | 107,403 | ||
Average outstanding shares - diluted (000s) | 44,291 | 42,874 | ||||
Earnings per diluted share | $ | 1.86 | $ | 2.51 | ||
The key factors affecting the change in IDACORP's net income for 2007 include (amounts shown are net of income taxes):
• Discontinued operations contributed $0.1 million to earnings in 2007 as compared to $7 million in 2006, a decrease of 17 cents per diluted share. On July 20, 2006, IDACORP completed the sale of all of the outstanding common stock of ITI to IdaTech UK Limited, a wholly-owned subsidiary of Investec Group Investments (UK) Limited. On Feb. 23, 2007 IDACORP completed the sale of all of the outstanding common stock of IDACOMM to American Fiber Systems, Inc.
• Net loss at the holding company was $3.5 million, a decrease of $2.5 million, or 5 cents per diluted share, as compared to the prior year. The decrease in net loss is attributable to a decrease in administration expenses resulting from the sale of ITI and IDACOMM.
• IFS contributed $2.4 million less to earnings than in the prior year, a decrease of 6 cents per diluted share. The decline in earnings is attributable to higher investment amortization expense and lower tax benefits due to a reduction in the amount of new investments combined with the continued aging of existing investments.
Idaho Power's net income and contribution to earnings per diluted share for the last two years are as follows:
The key factors affecting Idaho Power's decrease in net income for 2007 include (amounts shown are net of income taxes):
• Electric utility margin increased $2.9 million, but electric utility margin as a percentage of total general business revenue, PCA amortization and other revenues amortization declined five percent to 82 percent in 2007. (See non-GAAP financial measures below).
• Increases in Other O&M expenses reduced earnings by $12.7 million in 2007 compared to 2006. The increase is primarily the result of increases in third-party transmission costs, regulatory commission expenses, and maintenance expenses for Idaho Power's coal-fired generation facilities, hydroelectric license and inspection costs, and the Fixed Cost Adjustment accrual which began in 2007.
• Gain on sales of excess SO2 emission allowances was $1.7 million in 2007 compared to $5.0 million in 2006.
Non-GAAP Financial Measures
This earnings release includes financial information prepared in accordance with generally accepted accounting principles (GAAP), as well as one additional financial measure, electric utility margin, that is considered a "non-GAAP financial measure" under SEC rules. Generally, a non-GAAP financial measure is a numerical measure of a company's financial performance, financial position or cash flows that excludes (or includes) amounts that are included in (or excluded from) the most directly comparable measure calculated in accordance with GAAP. The most directly comparable GAAP financial measure to electric utility margin is operating income.
The presentation of electric utility margin is intended to supplement the information available to investors for evaluating Idaho Power's operating performance. When viewed in conjunction with Idaho Power's operating income, electric utility margin provides a more complete understanding of the factors and trends affecting Idaho Power's business, and users can assess which information best suits their needs. However, this measure is not intended to replace operating income, or any other measure calculated in accordance with GAAP, as an indicator of operating performance.
Idaho Power's management uses electric utility margin, in addition to GAAP measures, to determine whether Idaho Power is collecting the appropriate amount of energy costs from its customers to allow recovery of operating costs. Electric utility margin also provides both management and investors with a better understanding of the effects of regulatory mechanisms on Idaho Power's operating income. The primary limitation associated with this measure is that Idaho Power's electric utility margin may not be comparable to other companies' electric utility margin. However, management uses electric utility margin as an internal tool for evaluating and conducting the business, and is therefore unburdened by this limitation.
The calculations of Idaho Power's electric utility margin for the last two years are as follows:
|
| 2007 |
| 2006 | ||
(Thousands of dollars) | ||||||
General business revenue | $ | 668,303 | $ | 636,375 | ||
Power Cost Adjustment (PCA) amortization | 287 | 2,433 | ||||
Other revenues amortization | ||||||
Irrigation load reduction | - | (5,400) | ||||
Rate case tax settlement | - | (4,746) | ||||
Total | 668,590 | 628,662 | ||||
Power supply costs: | ||||||
Off-system sales | 154,948 | 260,717 | ||||
Purchased power | (289,484) | (283,440) | ||||
Fuel | (134,322) | (115,018) | ||||
PCA deferral | 120,844 | 27,093 | ||||
Total | (148,014) | (110,648) | ||||
Third party transmission expense | (10,470) | (7,639) | ||||
Other revenues (excluding Demand-side | ||||||
management (DSM)) | 38,663 | 33,527 | ||||
Electric utility margin | $ | 548,769 | $ | 543,902 | ||
Electric utility margin as a percentage of total | ||||||
general business revenue, PCA amortization | ||||||
and other revenues amortization | 82% | 87% | ||||
The factors driving the $4.9 million increase in electric utility margin in 2007 as compared to 2006 are as follows:
• A 2.6 percent increase in customers increased general business revenues $11.7 million;
• The effect of rate changes, including the June 1, 2007 PCA increase of 14.5 percent, the annualized effects of a 3.2 percent base rate increase June 1, 2006, and the 19.3 percent PCA reduction on June 1, 2006, was $10.7 million;
• Weather variations increased general business revenue $17.2 million;
• Off-system sales decreased $105.8 million and purchased power increased $6.0 million due to poor hydrologic conditions in the current year which decreased the energy available for sale, and increased the energy required to be purchased to fulfill increased load requirements;
• Fuel expense increased $19.3 million due to the increased use of gas-fired facilities to compensate for poor hydroelectric generation, and to meet increased load requirements;
• PCA deferral increased $93.8 million due to the increase in purchased power and fuel expenses, and lower off-system sales in the current year. These deferred costs will be recovered through rates in subsequent periods;
• Third party transmission expense increased $2.8 million due to the increased volume of purchased power that was required to be transmitted to Idaho Power's service area; and
• Other revenues (excluding DSM) increased $5.1 million due to increased wheeling and rental revenues.
The decline in electric utility margin as a percentage of total general business revenue, PCA amortization and other revenues amortization is a result of an increase in the ten percent sharing component of the PCA model due to a below normal hydro production year and the negative impact of the Load Growth Adjustment Rate (LGAR) mechanism.
System load in 2007 was 1.0 million megawatt-hours (MWh) greater than the base loads established in the 2005 general rate case. This represents an increase of 274,000 MWh over 2006 total system loads. The MWh increases when combined with an increase in the LGAR in April 2007 from $16.84 per MWh to $29.41 per MWh results in a decline in a component of the PCA deferral as compared to 2006. This decline reduced electric utility margin by $13.0 million.
The following table reconciles electric utility margin to electric utility operating income (GAAP) for the last two years:
|
| 2007 |
| 2006 | |
(Thousands of dollars) | |||||
Electric utility margin | $ | 548,769 | $ | 543,902 | |
Other operations and maintenance | |||||
(excluding third party transmission expense) | (276,040) | (257,171) | |||
Gain on sale of emission allowances | 2,754 | 8,257 | |||
Depreciation | (103,072) | (99,824) | |||
Taxes other than income taxes | (17,634) | (18,661) | |||
Operating income - electric utility (GAAP) | $ | 154,777 | $ | 176,503 | |
Fourth Quarter Performance Summary
The key factors affecting the change in IDACORP's net income for the fourth quarter 2007 includes (amounts shown are net of income taxes):
• The 2001-2003 IRS exam settlement which contributed $6.9 million in tax benefits, recorded in fourth quarter 2006;
• The holding company results also reflect the impacts of intra-period tax allocations (APB28); and
• IDACORP Financial contributed $1.4 million less to earnings in fourth quarter 2007 compared with last year.
2008 Outlook
The Feb. 13 hydrological survey shows Snake River Basin snow pack levels at 108 percent of average. The Northwest River Forecast Center (NWRFC) currently projects 5.3 million acre-feet (maf) of water will flow into Brownlee Reservoir during the April through July period. The NWRFC's 30-year average measured inflow into Brownlee is 6.3 maf during the period. In 2007, April-July inflows were 2.8 maf.
The outlook for key operating and financial metrics is:
Key Operating & Financial Metrics | 2008 Estimates (1) |
2007 Actuals |
Idaho Power Operation & Maintenance Expense (Millions) | $285-$295 | $287 |
Idaho Power Capital Expenditures (Millions) (2) | $280-$300 | $287 |
Idaho Power Hydroelectric Generation (Million MWh) | 7.0-9.0 | 6.2 |
Non-regulated Subsidiary Earnings Per Share from Continuing Operations (3) | $0.05-$0.10 | $0.13 |
Effective Tax Rates: |
|
|
(1) Key operating and financial metrics will be updated quarterly.
(2) 2008 - 2010 estimated total capital expenditures of approximately $900 million, which excludes the costs for two 500-kV transmission projects named Gateway West Project and Idaho-Northwest Line, and the natural gas-fired combined cycle combustion turbine expected to be located close to the load center in southern Idaho.
(3) Estimates include contributions from Ida-West Energy and IDACORP Financial netted against holding company expenses.
2008 Regulatory Strategy
The 2008 regulatory strategy includes filing for recovery of the investment and operating costs of Idaho Power Company's new 170-megawatt natural gas-fired peaking plant expected to go on line in April 2008; the pursuit of a power cost adjustment mechanism in Oregon; and the potential for general rate case filings in both Idaho and Oregon.
Web Cast / Conference Call
The company will hold an analyst conference call today at 2:30 p.m.
Mountain Time (4:30 p.m. Eastern Time). All parties interested in listening may do so through a live Web cast. Details of the conference call logistics are posted on the company's Web site (http://www.idacorpinc.com). A replay of the conference call will be available on the company's Web site for a period of 12 months.
Background Information / Safe Harbor Statement
Boise, Idaho-based IDACORP, formed in 1998, is a holding company comprised of Idaho
Power Company, a regulated electric utility; IDACORP Financial, a holder of affordable housing projects and other real estate investments; and Ida-West Energy, an operator of small hydroelectric generation projects that satisfy the requirements of the Public Utility Regulatory Policies Act of 1978.
Certain statements contained in this news release, including statements with respect to
future earnings, ongoing operations, and financial conditions, are "forward-looking statements" within the meaning of federal securities laws. Although IDACORP and Idaho Power believe that the expectations and assumptions reflected in these forward-looking statements are reasonable, these statements involve a number of risks and uncertainties, and actual results may differ materially from the results discussed in the statements. Factors that could cause actual results to differ materially from the forward-looking statements include: changes in and compliance with governmental policies, including new interpretations of existing policies, and regulatory actions and regulatory audits, including those of the Federal Energy Regulatory Commission, the North American Electric Reliability Corporation, the Western Electricity Coordinating Council, the Idaho Public Utilities Commission, the Oregon Public Utility Commission, and the Internal Revenue Service with respect to allowed rates of return, industry and rate structure, day-to-day business operations, acquisition and disposal of assets and facilities, operation and construction of plant facilities, provision of transmission services, relicensing of hydroelectric projects, recovery of purchased power expenses, recovery of other capital investments, present or prospective wholesale and retail competition, including but not limited to retail wheeling and transmission costs, and other refund proceedings; changes arising from the Energy Policy Act of 2005; litigation and regulatory proceedings, including those resulting from the energy situation in the western United States, and penalties and settlements that influence business and profitability; changes in and compliance with environmental, endangered species and safety laws and policies; weather variations affecting hydroelectric generating conditions and customer energy usage; over-appropriation of surface and groundwater in the Snake River Basin resulting in reduced generation at hydroelectric facilities; construction of power generating, transmission and distribution facilities including an inability to obtain required governmental permits and approvals, rights-of-way and siting, and risks related to contracting, construction and start-up; operation of power generating facilities including breakdown or failure of equipment, performance below expected levels, competition, fuel supply, including availability, transportation and prices, and availability of transmission; blackouts or other disruptions of Idaho Power Company's or the western interconnected transmission systems; impacts from the potential formation of a regional transmission organization or the development of another transmission group; population growth rates and demographic patterns; market demand and prices for energy, including structural market changes; changes in operating expenses and capital expenditures, including costs and availability of materials and commodities, and fluctuations in sources and uses of cash; results of financing efforts, including the ability to obtain financing on favorable terms, which can be affected by factors such as credit ratings and general economic conditions; actions by credit rating agencies, including changes in rating criteria and new interpretations of existing criteria; homeland security, natural disasters and other natural risks, such as earthquake, flood, drought, lightning, wind and fire, acts of war or terrorism; market conditions that could affect the operations and prospects of IDACORP's subsidiaries or their competitors; increasing health care costs and the resulting effect on medical benefits paid for employees; performance of the stock market and the changing interest rate environment, which affect the amount of required contributions to pension plans, as well as the reported costs of providing pension and other postretirement benefits; increasing costs of insurance, changes in coverage terms and the ability to obtain insurance; changes in tax rates or policies, interest rates or rates of inflation; adoption of or changes in critical accounting policies or estimates; and new accounting or Securities and Exchange Commission requirements, or new interpretation or application of existing requirements. Any such forward-looking statements should be considered in light of such factors and others noted in the companies' Annual Report on Form 10-K for the year ended December 31, 2006, and the Quarterly Report on Form 10-Q for the quarters ended March 31, 2007, June 30, 2007, September 30, 2007 and other reports on file with the Securities and Exchange Commission. Any forward-looking statement speaks only as of the date on which such statement is made. New factors emerge from time to time and it is not possible for management to predict all such factors, nor can it assess the impact of any such factor on the business or the extent to which any factor, or combination of factors, may cause results to differ materially from those contained in any forward-looking statement.
IDACORP, Inc.
Condensed Consolidated Statements of Income
For Periods Ended December 31, 2007 and 2006
Summary Financial Information
(unaudited)
(Thousands of Dollars, except per share amounts)
Three Months Ended Twelve Months Ended
12/31/07 12/31/06 12/31/07 12/31/06
Operating Revenues:
Electric Utility:
General business........................................ $ 156,966 $ 135,571 $ 668,303 $ 636,375
Off-system sales.......................................... 25,089 41,186 154,948 260,717
Other revenues.......................................... 14,374 6,795 52,150 23,381
Total electric utility revenues.................. 196,429 183,552 875,401 920,473
Other........................................................... 1,017 1,232 3,993 5,818
Total Operating Revenues..................... 197,446 184,784 879,394 926,291
Operating Expenses:
Electric Utility:
Purchased power......................................... 48,091 53,781 289,484 283,440
Fuel expense................................................ 32,598 31,162 134,322 115,018
Power cost adjustment............................... (13,674) (22,599) (121,131) (29,526)
Other operations & maintenance.............. 70,639 70,805 286,510 264,810
Demand-side management...................... 4,518 - 13,487 -
Gain on sale of emission allowances..... - - (2,754) (8,257)
Depreciation.................................................. 26,203 25,354 103,072 99,824
Taxes other than income taxes................. 3,366 2,704 17,634 18,661
Total electric utility expenses................. 171,741 161,207 720,624 743,970
Other................................................................. 1,910 2,459 6,692 12,617
Total Operating Expenses...................... 173,651 163,666 727,316 756,587
Operating Income (Loss):
Electric Utility................................................... 24,688 22,345 154,777 176,503
Other................................................................. (893) (1,227) (2,699) (6,799)
Total Operating Income.......................... 23,795 21,118 152,078 169,704
Other Income..................................................... 6,657 4,015 20,524 18,195
Losses of Unconsolidated
Equity-Method Investments.......................... (1,567) (210) (4,824) (2,913)
ther Expenses................................................. 1,597 1,912 8,434 8,559
Interest Expense:
Interest on long-term debt............................ 16,655 13,877 59,961 56,402
Other interest.................................................. (502) 1,821 3,380 4,573
Total Interest expense............................. 16,153 15,698 63,341 60,975
Income Before Income Taxes........................ 11,135 7,313 96,003 115,452
Income Tax Expense (Benefit)....................... 840 (10,641) 13,731 15,377
Income from Continuing Operations............ 10,295 17,954 82,272 100,075
Income from Discontinued
Operations (net of tax)........................... - 127 67 7,328
Net Income ......................................................... $ 10,295 $ 18,081 $ 82,339 $ 107,403
Weighted Average Common Shares
Outstanding-Basic (000's)............................ 44,754 43,145 44,151 42,713
Weighted Average Common Shares
Outstanding-Diluted (000's).......................... 44,918 43,320 44,291 42,874
Earnings per Share of Common Stock (basic & diluted):
Earnings per Share from Continuing Operations $ 0.23 $ 0.42 $ 1.86 $ 2.34
Earnings per Share from Discontinued Operations 0.00 0.00 0.00 0.17
Diluted Earnings per Share of Common Stock $ 0.23 $ 0.42 $ 1.86 $ 2.51
Dividends Paid per Share of Common Stock $ 0.30 $ 0.30 $ 1.20 $ 1.20
IDACORP, Inc.
Condensed Consolidated Statements of Cash Flows
For the Years Ended December 31, 2007 and 2006
Summary Financial Information
(unaudited)
(Thousands of Dollars)
Twelve Months Ended
12/31/07 12/31/06
Operating Activities
Net Income................................................................. $ 82,339 $ 107,403
Adjustments to reconcile net income to
net cash provided by operating activities:
Depreciation and amortization................................. 120,368 122,641
Deferred income taxes and investment tax credits.... 11,026 (17,332)
Changes in regulatory assets and liabilities.............. (128,089) (17,133)
Undistributed earnings of subsidiaries...................... (6,133) (9,553)
Gain on sales of assets......................................... (4,758) (25,658)
Other non-cash adjustments to net income.............. 3,885 (2,759)
Change in:
Accounts receivable and prepayments.................. (10,284) 24,304
Accounts payable and other accrued liabilities...... 2,206 6,725
�� Taxes accrued................................................... (9,466) (24,099)
Other................................................................. 19,647 5,239
Net cash provided by operating activities.................. 80,741 169,778
Investing Activities
Additions to property, plant and equipment.................... (287,751) (225,048)
Proceeds from the sale of ITI....................................... - 21,469
Proceeds from the sale of IDACOMM........................... 7,283 -
Investments in affordable housing.................................. 348 (5,059)
Proceeds from the sale of emission allowances............ 19,846 11,323
Investments in unconsolidated affiliates........................ (8,675) (16,030)
Purchase of available-for-sale securities....................... (24,349) (17,979)
Proceeds from the sale of available-for-sale securities... 26,110 20,778
Purchase of held-to-maturity securities........................ (3,116) (2,730)
Maturity of held-to-maturity securities.......................... 3,317 4,647
Refundable deposit for tax related liabilities.................... - (44,903)
Other assets............................................................... (263) 492
Net cash used in investing activities........................ (267,250) (253,040)
Financing Activities
Issuance of long-term debt........................................... 240,000 116,300
Retirement of long-term debt......................................... (95,033) (132,642)
Dividends on common stock......................................... (53,012) (51,272)
Net change in short-term borrowings............................. 57,445 68,900
Issuance of common stock........................................... 37,181 41,465
Acquisition of treasury stock........................................ (346) (213)
Other.......................................................................... (1,652) (1,740)
Net cash provided by financing activities.................. 184,583 40,798
Net decrease in cash and cash equivalents.................... (1,926) (42,464)
Cash and cash equivalents at beginning of year.............. 9,892 52,356
Cash and cash equivalents at end of year...................... $ 7,966 $ 9,892
IDACORP, Inc.
Condensed Consolidated Balance Sheets
As of December 31, 2007 and 2006
Summary Financial Information
(unaudited)
(Thousands of Dollars)
12/31/07 12/31/06
Assets
Cash and cash equivalents.................................. $ 7,966 $ 9,892
Receivables, net of allowance.............................. 118,695 111,721
Employee notes................................................. 2,128 2,569
Energy marketing assets.................................... - 12,069
Other current assets........................................... 137,918 126,954
Assets held for sale............................................ - 3,326
Total current assets......................................... 266,707 266,531
Investments....................................................... 201,085 202,825
Property, plant and equipment-net........................ 2,616,552 2,419,080
Regulatory assets.............................................. 449,668 423,548
Employee notes - long-term................................ 2,325 2,411
Other assets...................................................... 116,971 109,659
Assets held for sale............................................ - 21,076
Total other assets............................................ 568,964 556,694
Total Assets................................................ $ 3,653,308 $ 3,445,130
Liabilities and Shareholders' Equity
Current maturities of long-term debt...................... $ 11,456 $ 95,125
Notes payable.................................................... 186,445 129,000
Accounts payable............................................... 85,116 86,440
Energy marketing liabilities.................................. - 13,532
Other current liabilities..................................... 92,298 83,631
Liabilities held for sale......................................... - 2,606
Total current liabilities...................................... 375,315 410,334
Deferred income taxes........................................ 466,182 498,512
Regulatory liabilities............................................ 274,204 294,844
Other liabilities................................................ 173,412 179,836
Liabilities held for sale......................................... - 8,773
Total other liabilities......................................... 913,798 981,965
Long-term debt................................................... 1,156,880 928,648
Shareholders' equity........................................... 1,207,315 1,124,183
Total Liabilities & Shareholders' Equity........... $ 3,653,308 $ 3,445,130
Idaho Power Company Supplemental Operating Statistics
Three Months Ended Year-To-Date
12/31/07 12/31/06 12/31/07 12/31/06
Energy Use - MWh
Residential.................................. 1,395,370 1,378,784 5,227,166 5,067,767
Commercial................................. 978,309 966,808 3,937,321 3,760,987
Industrial..................................... 877,700 878,675 3,453,633 3,475,157
Irrigation...................................... 61,705 42,338 1,923,705 1,635,402
Total General Business................ 3,313,084 3,266,605 14,541,825 13,939,313
Off-System Sales......................... 633,188 743,906 2,743,647 5,820,823
Total........................................ 3,946,272 4,010,511 17,285,472 19,760,136
Revenue ($000's)
Residential.................................. $ 83,674 $ 74,601 $ 308,208 $ 299,594
Commercial................................. 43,330 37,150 170,001 162,391
Industrial..................................... 27,140 22,011 101,409 102,958
Irrigation...................................... 2,822 1,809 88,685 71,432
Total General Business................ 156,966 135,571 668,303 636,375
Off-System Sales......................... 25,089 41,186 154,948 260,717
Total........................................ $ 182,055 $ 176,757 $ 823,251 $ 897,092
Customers - Period End
Residential.................................. 400,637 393,338
Commercial................................. 62,765 60,427
Industrial..................................... 123 126
Irrigation...................................... 18,126 17,888
Total 481,651 471,779
